Wednesday, December 15, 2010

Edwards Lifesciences (NYSE:EW) Gives Growth Roadmap for SAPIEN TAVI

Providing a long-term growth roadmap for SAPIEN TAVI sales, Edwards Lifesciences (NYSE:EW) said they see sales reaching $2.5 billion by 2016.

Canaccord said, "EW hosted an analyst day during which it provided 2011 guidance and a very bullish long-term growth roadmap for SAPIEN TAVI. 2011 sales guidance brackets our/consensus estimates; EPS guidance is below the Street on expenses to commercialize SAPIEN in US. EW expects to spend $40M on the SAPIEN's launch ($0.10 impact). The company sees $2.5B in SAPIEN sales by 2016, which is well above our bullish projections...Absent a take-out, we believe that valuation is full in the near term."

Canaccord Genuity maintains a "Hold" rating on Edwards Lifesciences, which closed Tuesday at $78.15, up $2.10, or 2.76 percent. Canaccord raised their price target on them from $67 to $73.

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